Big bucks bay

A swanky subdivision with a dozen $2 million-plus sections will kickstart a major new lakeside development near Queenstown.

Murphy’s Development Limited wants to build a 12-lot subdivision near Jack’s Point golf resort.

It’s the first stage of a $100 million development at Homestead Bay, which potentially includes a marina and boat launching area, another 130 sections, an apartment precinct, cafes and commercial premises, and pedestrian access to the lake.

The millionaires’ row subdivision is at an advanced stage, with options granted on some of the stunning lots.

Company director Andrew Guest says: “These are considered by local agents to be the best sites ever offered in Queenstown.”

They range in size from 1.06 hectares to 2.49ha.

Titles are expected to issue later this year or early 2018.

The other 130 sections will likely average 800 square metres and be less expensive, Guest says.

Guest: “While other subdivisions tend to be land-locked with the lake being ‘around the corner’, Homestead Bay offers a stunning vista with the lake in front of you and the Remarkables behind in an already terraced environment.

“That is what makes it such a stunning and unique piece of land.”

Queenstown planners Clark Fortune McDonald and top Dunedin architects Mason & Wales are working on the site plan, he says.

The proposed development is already appropriately zoned – within the Jacks Point Special Zone.

Murphy’s Development Ltd is a subsidiary of landowner Homestead Bay Trustees Ltd, itself linked to property investment firm Viranda Group. Auckland barrister Guest is a director of all three companies.

Homestead Bay Trustees bought the land for $18.5m, settling last year after a legal dispute.

Guest: “The company has significant cash reserves and no debt and is well-placed to continue the development quickly to a very high standard without the need for pre-sales.”

Once completed, the development’s value will “easily exceed” $100m, he says.

The land was previously part of Remarkables Station.

Originally farmed by Queenstown’s founder William Rees, it was owned by three generations of the Jardine family.

Jillian and Dick Jardine recently gifted their nearby Woolshed Bay homestead to the University of Otago.

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